The no-cash agreement brings 100 percent of the assets and interests of PMC, its portfolio of products, intellectual property, and the formulas for existing and planned healthy functional beverage products for the pharmacy, medical, sports and military, and other industries.

The acquisition of Maverick Brands and its flagship brand Coco Libre for a combination of cash and shares of common stock in New Age “fills an important gap to complete the Company’s functional beverage portfolio,” according to a press release.

As numerous clinical studies confirm the gut benefits touted by brands, probiotics’ popularity with consumers has rocketed and the inclusion of these tiny gut bugs in beverage has sent waves through the industry.

New Age Beverages’ initial public offering, estimated to be worth approximately $15 million, was four times oversubscribed due to an abundance of investor interest in the Denver-based distributor, CEO Brent Willis told BevNET on Friday.